RMD going to 72?

Car-Guy said:
I'm showing my age but I know who he was without looking it up.... It would not have matter to him anyway. He (Bob Denver) died at age 70.
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Me too... loved that show!
 
Car-Guy said:
I'm showing my age but I know who he was without looking it up.... It would not have matter to him anyway. He (Bob Denver) died at age 70.
Click to expand...

Helena said:
Me too... loved that show!
Click to expand...

steelyman said:
What was that about thread creep? :D
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Hey, who you callin' a 'creep'?! :)


A while back I watched some episodes of Dobie Gillis on youtube - they were quite creative for the time. It was pretty cool that Dobie 'broke the 4th wall' to talk to the audience.

Carry on!

-ERD50
 
Back to my post a few pages back.

The stand alone bill for Gold Star Family Tax Relief Act S. 1370 has now been attached to the SECURE Act, as well as the removal of 529 funds to fund homeschooling. There must be some other diabolical elements in the SECURE Act, in order to demagogue a negative vote for SECURE as being against Gold Star Families. The stand alone Gold Star bill should have been unanimously passed the moment this inequity was noticed, in my opinion.
 


Any news today about the House bill that seems to have been sucked into a black hole in the Senate ??

 
Helena said:


Any news today about the House bill that seems to have been sucked into a black hole in the Senate ??
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I'd be surprised if we see any legislation out of the Senate on anything (except CRs) until 2021
 
Pandering to the annuity-pushing crowd, I see.

My theory is that eventually you will be required to annuitize your retirement accounts. That solves the intergenerational wealth transfer "problem," provides a giant new income stream for the insurance companies, and gets corporations off the pension hook.
 
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Funny stuff. Sounds like the Senate isn't going to do anything simply because that is what they (don't) do.
 
FIREchief said:
Funny stuff. Sounds like the Senate isn't going to do anything simply because that is what they (don't) do.
Click to expand...
There are over 150 bills stacked on someone's desk in the Senate. The priority now is to avoid another shutdown and raise the debt ceiling. That will consume all the oxygen in the tent, and then some.
 
This opinion/interview popped up on my apple news recently. Thought I'd share it, as something different in coverage from the media.

https://www.forbes.com/

Here's a short exerpt from the article's beginning:

"Why Congress' Retirement Reform Plan Is A Stinker

by: Larry Light

The name of the measure before Congress sounds like a good deal: the Setting Every Community Up For Retirement Enhancement Act of 2019, a.k.a., SECURE. But the ever-astute Rick Kahler, president of Kahler Financial Group in Rapid City, S. D., smells something rotten:

Larry Light: What’s wrong with the retirement reform legislation?

Rick Kahler: This relatively radical bill, now moving through Congress, will mostly eliminate passing on to heirs the benefits of tax-deferred and tax-free IRAs. Why haven’t you heard anything about this money grab? Maybe because the bill has so much bipartisan support, instead of political drama, that the media is not paying attention. The bill, which would reform various aspects of U.S. retirement laws, was approved almost unanimously, 417 to 3, by the House of Representatives.

The bill contains 29 new provisions. Despite its name, many of these provisions are anything but retirement "enhancements." They will, however, enhance tax revenues flowing to the U.S. Treasury."



It's a short interview. Mr. Kahler thinks the end of the stretch IRA for most is more significant than the ability to move RMDs to 72 and the ability to contribute to IRAs after age 70. He suggests that congress is overwhelmingly for the proposed changes because there's more money for the Govt (more accelerated taxes), and of course, more political contributions for the legislators (from insurance co's for the annuity provisions). More to it, of course, but to see a contrary view in the press adds to the conversation. BTW, the Kahler Group is a fee only FA - so Mr. Kahler is not without his own perspectives.
 
Nature Lover said:
This opinion/interview popped up on my apple news recently. Thought I'd share it, as something different in coverage from the media.

https://www.forbes.com/

Here's a short exerpt from the article's beginning:

"Why Congress' Retirement Reform Plan Is A Stinker

by: Larry Light

The name of the measure before Congress sounds like a good deal: the Setting Every Community Up For Retirement Enhancement Act of 2019, a.k.a., SECURE. But the ever-astute Rick Kahler, president of Kahler Financial Group in Rapid City, S. D., smells something rotten:

Larry Light: What’s wrong with the retirement reform legislation?

Rick Kahler: This relatively radical bill, now moving through Congress, will mostly eliminate passing on to heirs the benefits of tax-deferred and tax-free IRAs. Why haven’t you heard anything about this money grab? Maybe because the bill has so much bipartisan support, instead of political drama, that the media is not paying attention. The bill, which would reform various aspects of U.S. retirement laws, was approved almost unanimously, 417 to 3, by the House of Representatives.

The bill contains 29 new provisions. Despite its name, many of these provisions are anything but retirement "enhancements." They will, however, enhance tax revenues flowing to the U.S. Treasury."



It's a short interview. Mr. Kahler thinks the end of the stretch IRA for most is more significant than the ability to move RMDs to 72 and the ability to contribute to IRAs after age 70. He suggests that congress is overwhelmingly for the proposed changes because there's more money for the Govt (more accelerated taxes), and of course, more political contributions for the legislators (from insurance co's for the annuity provisions). More to it, of course, but to see a contrary view in the press adds to the conversation. BTW, the Kahler Group is a fee only FA - so Mr. Kahler is not without his own perspectives.
Click to expand...


There are a lot of minor provisions but the cost of the RMD move was estimated at $8.8B and the revenue from the stretch change was estimated at $15.8B
 
Nature Lover said:
This opinion/interview popped up on my apple news recently. Thought I'd share it, as something different in coverage from the media.

https://www.forbes.com/

Here's a short exerpt from the article's beginning:

"Why Congress' Retirement Reform Plan Is A Stinker

by: Larry Light

The name of the measure before Congress sounds like a good deal: the Setting Every Community Up For Retirement Enhancement Act of 2019, a.k.a., SECURE. But the ever-astute Rick Kahler, president of Kahler Financial Group in Rapid City, S. D., smells something rotten:

Larry Light: What’s wrong with the retirement reform legislation?

Rick Kahler: This relatively radical bill, now moving through Congress, will mostly eliminate passing on to heirs the benefits of tax-deferred and tax-free IRAs. Why haven’t you heard anything about this money grab? Maybe because the bill has so much bipartisan support, instead of political drama, that the media is not paying attention. The bill, which would reform various aspects of U.S. retirement laws, was approved almost unanimously, 417 to 3, by the House of Representatives.

The bill contains 29 new provisions. Despite its name, many of these provisions are anything but retirement "enhancements." They will, however, enhance tax revenues flowing to the U.S. Treasury."



It's a short interview. Mr. Kahler thinks the end of the stretch IRA for most is more significant than the ability to move RMDs to 72 and the ability to contribute to IRAs after age 70. He suggests that congress is overwhelmingly for the proposed changes because there's more money for the Govt (more accelerated taxes), and of course, more political contributions for the legislators (from insurance co's for the annuity provisions). More to it, of course, but to see a contrary view in the press adds to the conversation. BTW, the Kahler Group is a fee only FA - so Mr. Kahler is not without his own perspectives.
Click to expand...

Here's the full link:

https://www.forbes.com/sites/lawren...form-plan-is-a-stinker/?ss=taxes#43a2c04a5228
 
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